The central government will advise the employees to make a new home or to give a personal loan of up to 25 lakhs on ordinary interest like 8.50% for buying a house. Prior to this, the advance amount was Rs 7.50 lakh and the interest rate was 6-9.50%.
A senior official of the Ministry of Housing and Urban Affairs said that with the advance of 25 lakhs for 20 years, the employees could save about 11 lakhs compared to other companies. Explaining the details, he clarified, "If a 25 lakh loan is taken from a bank like a bank for 20 years, a monthly installment of Rs. 21,459 is made from a rate of 8.35% cycle rate." He said that the amount paid at the end of 20 years is 51.50 lakh, including the amount of interest of Rs 26.50 lakh.
While housing building advance has been paid for a 15 year advance, it has to pay a total of 40.84 lakhs, with an interest of 25 lakhs. Which includes 15.84 lakhs of interest. Another important thing is that if a couple is a Central Government employee, then they can take advantage of this Advance Plan either separately or together.
A senior official of the Ministry of Housing and Urban Affairs said that with the advance of 25 lakhs for 20 years, the employees could save about 11 lakhs compared to other companies. Explaining the details, he clarified, "If a 25 lakh loan is taken from a bank like a bank for 20 years, a monthly installment of Rs. 21,459 is made from a rate of 8.35% cycle rate." He said that the amount paid at the end of 20 years is 51.50 lakh, including the amount of interest of Rs 26.50 lakh.
While housing building advance has been paid for a 15 year advance, it has to pay a total of 40.84 lakhs, with an interest of 25 lakhs. Which includes 15.84 lakhs of interest. Another important thing is that if a couple is a Central Government employee, then they can take advantage of this Advance Plan either separately or together.
